Pittsburgh’s tallest building, US Steel Tower, for sale

FILE PHOTO The sun shines through the steel beams at the base of the US Steel Tower as passers by walk by the building in this photograph made with a fisheye lens in Pittsburgh, Monday, Oct. 29, 2007. (AP Photo/Keith Srakocic)

PITTSBURGH (AP) – Pittsburgh’s tallest building is for sale, and it could go for a sky-high price.

Real Estate Alert, a trade publication that first reported the listing, says the 64-story, triangular office building could fetch $350 million. The current owner, 601W Cos., a New York holding company, paid $250 million for the building in 2011.

The owners have spent $60 million upgrading the building and boast two major tenants, the University of Pittsburgh Medical Center, which has corporate offices there, and U.S. Steel.

UPMC has a lease for 962,000 square feet of space through 2030 and has its lighted logo atop the building. U.S. Steel is leasing 270,000 square feet through 2028.

Industry observers say the building’s 87 percent occupancy rate and two major tenants could help it attract $350 million.

FILE PHOTO People stand near the entrance to the U.S. Steel Tower in Pittsburgh where the Prime Minister of Slovakia, Robert Fico, had a meeting with U.S. Steel executives on Monday, March 25, 2013. (AP Photo/Keith Srakocic)
FILE PHOTO People stand near the entrance to the U.S. Steel Tower in Pittsburgh where the Prime Minister of Slovakia, Robert Fico, had a meeting with U.S. Steel executives on Monday, March 25, 2013. (AP Photo/Keith Srakocic)

 

 

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